Tuesday, January 14, 2020 / by Vanessa Saunders
By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems
You know all those ultra-slender, ultra-fancy tower condominiums that have been popping up out of the Manhattan concrete since 2015? Next time you look at one, bear in mind that half the condos in them are empty. Surprise! No buyers, according to Nancy Packes Data Services. The other half are probably Starbucks that have gone vertical.
The reason for all the empty rooms over Manhattan: a combination of overly aggressive pricing and a growing public disdain for the skyline-disrupting mansions in the clouds. But really, it's all about pricing.
Comparing the prices of new development units to resale units over the last decade tells the story. In 2012, new units sold for a 22% higher prices than resale units. At the end of last year, the premium was 118%.
Nancy Packes lists three reasons for the “extraordinary oddity of the current cycle. ”
According to Packes, buildings comp ...
Thursday, May 30, 2019 / by Vanessa Saunders
High above the Hudson River with panoramic views of Manhattan and New Jersey, One Park re-defines modern luxury living. This 14-story condominium building is setting a new bar in the luxury real estate market. Owners enjoy the sweeping views through floor to ceiling windows, a glass window wall façade especially designed to incorporate elements of the building’s riverfront location.
Beyond the views, these condominiums with their open living spaces and 50-foot balconies are a paragon of design in residential destination. The eat-in kitchen features a breakfast bar, chefs appliances, and top-of-the-line finishes. It includes Thermador Pro Series stainless steel appliances: a fully integrated refrigerator, gas range and oven, range-top with vented hood, integrated dishwasher and a 24-inch drawer microwave. Polished Cielo Quartzite covers countertops and backsplash over stainless steel under-mount sinks. Custom white lacquer kitchen cabinets are dressed with brushed nickel h ...